Cybersecurity Boosts Customer Loyalty and Sales

With data security breaches becoming more alarming than ever, even consumers are starting to be more conscious of their privacy. What you probably didn’t know is that cybersecurity is about more than just privacy, as it affects customer loyalty and even sales.

Insufficient security leads to losses in trust and sales

Their shares falling is no surprise. Why, you ask? It is because modern consumers are active ones. They know how an attack like this can make them more vulnerable to crimes that directly affect them, such as identity theft and fraud.

If this culture of distrust and uncertainty continues, data will be harder to get a hold of. This will make it harder for customer-facing businesses to make informed decisions to provide a better service.

Ephemeral information applications

These are applications that allow users to send sensitive information for a specific amount of time, after which the sent information self-destructs and can no longer be accessed.

Evolving encryption

Companies work to create authenticating systems that not only evolve in difficulty, but maximize difficulty for hackers while minimizing their demand for their customers’ effort.

Crowdsourced security

Select members of the consumers are given the chance to engage, analyze and give feedback to security measures of a company’s particular product. This may come in the form of bug bounties that enable users to disclose issues to the company in exchange for reward.

Cybersecurity policies you can apply today

It also helps to take time to make sure your customers understand the weight of data privacy by educating them on how it affects them directly, in newsletters, knowledge bases, or through other means of notification. This builds an image of a benevolent, trustworthy company.

In addition to this, you can also set up a Virtual Private Network (VPN) that adds an extra layer of protection from potential cyber attacks by encrypting your activity. The best VPNs provide great levels of security, and companies shouldn’t stop here; they must continue to seek more secure and innovative in order to gain their consumer trust in the constant battle against hackers.

When all else fails, as much as it pains us to say something cheesy, honesty is the best policy. Forrester said in this year’s Brand Experience Playbook that emotional brand experiences are achieved through customer-centric efforts.

If a company is to disclose and apply transparency in dealing with consumer data, there will surely be more trust. This is a key that may unlock endeavors related to connected devices for longer in the future.

Customer-centered companies that rely on a face-to-face businesses should inform users how they collect, share, protect their data because of the nature of their job that thrives on trust.

Leveraging security to increase loyalty

Taking good care of your customer has never been a bad thing. Nothing will tarnish your reputation than an embarrassing display of indecision in the face of a breach. Putting an up-to-date cyber-risk reduction in the forefront helps your customers sleep well at night knowing that they are away from harm.

Policies implemented by a company to protect their customers greatly affect how they are seen in the market. Effective branding breeds customer trust, hence greater opportunities. With heightened cybersecurity, not only are you protecting your customers, but you are also putting your company under good light. This effectively makes you a more desirable option in the market.

Lack thereof, however, will only bury your company among your competitors. And only those who are secure will stand out, gain and keep the market share.

You are probably thinking, “it’s easier said than done” — and you are not alone in thinking this.

These three points are, at their core, related to a famous message in business — innovate or die.

Businesses must be in the constant state of bettering themselves in order to thrive. Growth cannot be achieved without consumers; that’s just a simple rule in the mechanism of markets.

If you want your company to grow towards the right direction through good practice, you might want to listen to KPMG’s global head of security.

“The most innovative companies have recognized that cyber security is a customer experience and revenue opportunity, not just a risk that needs to be managed.” Malcolm Marshall, KPMG

As an ethical hacker, Jamie Cambell (Ph.D., M.S. in Computer Science at University of California) prefers to remain anonymous. Jamie is a technology enthusiast and a part-time gamer, whose ultimate goal is to liberate the Internet with the help of VPNs.

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